1. 1. Except as otherwise provided in this section, money in the Account may be distributed by the Division, in consultation with the Council, to eligible entities for expenditures relating to attainable housing, including, without limitation, for:

   1. (a) Competitive loans, grants or rebates to support the development of attainable housing;
   2. (b) Competitive loans, grants or rebates for the development of attainable housing projects that qualify for federal low-income housing tax credits, as defined in NRS 360.863;
   3. (c) Financial assistance for supportive housing;
   4. (d) Programs for rental assistance or eviction diversion;
   5. (e) The acquisition of land for the development of attainable housing projects;
   6. (f) Programs that assist essential workers to purchase homes, including, without limitation, programs that provide down payment assistance, interest rate buydowns or other forms of direct financial support to essential workers for purchasing homes;
   7. (g) Programs that provide down payment assistance, interest rate buydowns or other forms of direct financial support for purchasing homes to households that have a total monthly gross household income that is not more than 150 percent of the median monthly gross household income for the county in which the housing is located; and

   8. (h) Incentives for local governments to increase the supply of attainable housing, including, without limitation:

      1. (1) Incentives for local governments to expedite the approval of attainable housing projects;
      2. (2) Reimbursing local governments for waiving or deferring the payment of fees or taxes for attainable housing projects that are affordable for households that have a total monthly gross income that is not more than 150 percent of the median monthly gross household income for the county in which the housing is located; or
      3. (3) Taking any other action within the authority of the local government that increases the supply of attainable housing.

2. 2. Any eligible entity that is a private entity that enters into a public-private partnership with the State or a local government may only receive money from the Account for the following:

   1. (a) Competitive loans, grants or rebates to support the development of attainable housing;
   2. (b) Competitive loans, grants or rebates for the development of attainable housing projects that qualify for federal low-income housing tax credits, as defined in NRS 360.863; or
   3. (c) The acquisition of land for the development of attainable housing projects.

3. 3. In awarding money from the Account, the Division, in consultation with the Council:

   1. (a) Shall prioritize projects that demonstrate the highest potential impact on addressing the attainable housing needs of the State, including, without limitation, prioritizing the need for single-family homes that are affordable for households that have a total monthly gross income that is not more than 150 percent of the median monthly gross household income for the county in which the housing is located; and

   2. (b) May prioritize projects that:

      1. (1) Request to purchase land owned by:

         1. (I) The Federal Government at a discounted price for the creation of affordable housing pursuant to federal law, including, without limitation, the provisions of section 7(b) of the Southern Nevada Public Land Management Act of 1998, Public Law 105-263; or
         2. (II) The State or a local government at a discounted rate for the creation of attainable housing;
      2. (2) Utilize innovative strategies for expanding the supply of attainable housing; or
      3. (3) Utilize cost-effective methods and efficient use of allocated resources.

4. 4. Any eligible entity that receives any money from the Nevada Attainable Housing Account for an attainable housing project shall ensure that:

   1. (a) Only households that meet the applicable income requirements for the attainable housing project rent or purchase, as applicable, the units of attainable housing;
   2. (b) Each unit of attainable housing in the attainable housing project is used as the primary residence of the household that rents or purchases, as applicable, the unit; and
   3. (c) No for-profit business entity purchases a unit of the attainable housing in the attainable housing project.

(Added to NRS by 2025, 2780)